Changes to the Australian Government Private Health Insurance Rebate
As you will be aware the Government subsidises your health insurance costs with a rebate (called the Australian Government Private Health Insurance Rebate) through either a premium reduction or as a lump sum as part of your tax return. The amount of the rebate you can receive still depends on your age and income, but from 1 April 2014 the rebate will be indexed each year by the difference between CPI and the industry average increase in premiums, using a Government calculated formula. This will result in 96.8% of your premium paid (excluding Lifetime Health Cover loadings) attracting a rebate.
You can visit the Department of Health’s website for more information: http://www.health.gov.au/internet/main/publishing.nsf/Content/phi-rebate&medicarelevy-surcharge/
If you are not currently receiving the rebate as a reduced premium (i.e. if your rebate amount above is $0), but you would like to do so, please contact our office for a rebate application form. Alternatively, the rebate application form and new pricing is available to download click here.